Only three out of 100 people would blow their pension funds as soon as they can access them – a survey looking at the changes announced in the Budget found.
Fears were expressed that retirees would splash out and fritter away their retirement income after the Chancellor announced reforms last week.
But the MGM Advantage study showed that only 3% of the over 55s found spending their pension savings as soon as they can get access to them the most attractive option.
Some 42% of adults in this age group liked the certainty of using an annuity to provide some form of regular income, while 43% of the over 55s liked the freedom of managing their own money without an annuity but attempting to make sure it lasts throughout their lifetime.
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The data also shows some uncertainty following the changes announced last week, with 12% of the over 55s not sure which option most appeals to them in retirement.
Aston Goodey, director of sales and marketing at MGM Advantage, said: "As a temperature check of how people are thinking shortly after the Budget, these numbers show that the vast majority of people won't blow the lot.
"On the contrary, most people like the freedom and choice the new options provide, although many still want to secure a regular income using an annuity.
'As we navigate through these changes, the role of advice will be vital to ensure customers maximise the value from their pension savings, while taking advantage of the new choice and flexibility available."